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EX-99.1

2 a3312026exhibit991.htm

EX-99.1

Document

Exhibit 99.1

Media Relations:

Curt Selby

414-359-4191

curt.selby@aosmith.com

Investor Relations:

Helen Gurholt

414-359-4157

hgurholt@aosmith.com

FOR IMMEDIATE RELEASE

April 30, 2026

A. O. Smith Reports First Quarter 2026 Results and Lowers Full Year 2026 Outlook

First Quarter 2026 Highlights

(Comparisons are year-over-year (“YoY”), unless otherwise noted)

•Sales of $946 million; net earnings of $118 million and diluted earnings per share (EPS) of $0.85

•North America segment sales of $753.4 million increased 1% with the addition of Leonard Valve and pricing benefits offsetting softer water heater industry volumes and weather-related production and shipping constraints

•Rest of World segment sales of $200.7 million decreased 11% due to continued challenges in the consumer appliance market in China

•Net earnings decreased primarily as a result of lower volumes and transaction-related expenses recognized in the quarter for the Leonard Valve acquisition

•Strong growth in operating cash flow and free cash flow to $129 million and $119 million, respectively

•Primarily due to continued challenging conditions in China, 2026 full year EPS guidance lowered to:

◦Diluted EPS of between $3.60 and $3.90

◦Adjusted EPS of between $3.70 and $4.00

Milwaukee, Wis.— Global water technology company A. O. Smith Corporation (“the Company”) (NYSE: AOS) today announced its first quarter 2026 results.

Key Financial Metrics

First Quarter

(in millions, except per share amounts)

Q1 2026Q1 2025% Change YoY

Net sales$945.6$963.9-2%

Net earnings$118.0$136.6-14%

Diluted earnings per share$0.85$0.95-11%

Chief Executive Officer Steve Shafer commented, “Our team executed with focus and agility in the first quarter, continuing to support our customers well in the face of a continued soft macro environment. As we anticipated, softer demand in China impacted results. In North America, results were impacted by residential water heater industry demand that was modestly below our expectations, compounded by temporary weather-related disruptions at our Ashland City, Tennessee facility. Separately, in April, we took another step in our business simplification and margin enhancement efforts within our North America water treatment business by announcing a targeted restructuring plan that will be recognized in the second quarter. We believe these actions are an important step in advancing a stronger business model to achieve a higher level of profitable growth.”

Segment-level Performance

North America

First quarter sales of $753.4 million increased 1% relative to a difficult 2025 comparison as the benefits of carryover pricing actions and the $16 million sales contribution from the newly acquired Leonard Valve business were largely offset by lower residential water heater volumes. The first quarter of 2026 was negatively impacted by weather-related production and shipping constraints, particularly as a direct result of storm damage at the Company’s Ashland City, Tennessee plant. The first quarter of 2025 benefited from incremental volume from the pull forward of water heater and boiler sales ahead of tariff and other cost-related price increases.

Segment earnings were $175.4 million and segment margin was 23.3% in first quarter of 2026 compared to first quarter of 2025 segment earnings of $185.2 million and segment margin of 24.7%. The year-over-year decrease in segment earnings and segment margin was primarily due to lower residential water heater volumes which more than offset the earnings contribution from Leonard Valve. The first quarter of 2025 benefited from a stronger mix toward higher efficiency products as certain customers bought ahead of an announced price increase.

Rest of World

Rest of World sales of $200.7 million decreased 11% compared to the prior year period and included a favorable currency translation impact of $8 million primarily related to sales in China. China sales decreased 17% in local currency due to continued weak consumer demand.

Segment earnings were $12.4 million and segment margin was 6.2% in the first quarter of 2026, compared to segment earnings of $19.7 million and segment margin of 8.7% in the same period of 2025. The lower segment earnings and segment margin compared to the prior year were primarily due to lower sales volumes that were partially offset by continued cost management in China.

Balance Sheet, Liquidity and Capital Allocation

As of March 31, 2026, cash and marketable securities balances totaled $203.9 million and debt totaled $615.8 million, resulting in a leverage ratio of 24.7% as measured by total debt-to-total capitalization. The increased leverage ratio compared to 2025 was due to cash borrowed under a new term loan used to acquire Leonard Valve in January 2026.

Cash provided by operations was $129.4 million and free cash flow was $118.9 million in the first three months of 2026, both higher than the same per

aos-202601290000091142FALSE00000911422026-01-292026-01-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 ——————————————

FORM 8-K

——————————————

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 29, 2026 —————————————— A. O. Smith Corporation (Exact name of registrant as specified in its charter) ——————————————

Delaware 1-475 39-0619790 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

11270 West Park Place, Milwaukee, Wisconsin 53224 (Address of principal executive offices, including zip code)

(414) 359-4000 (Registrant’s telephone number) —————————————— Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock (par value $1.00 per share)AOSNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.    Results of Operations and Financial Condition On January 29, 2026, A. O. Smith Corporation (“the Company”) issued a news release announcing the Company’s results for the year ended December 31, 2025. A copy of the Company’s news release is attached as Exhibit 99.1 to this Current Report on Form 8-K (this “Current Report”) and is incorporated by reference herein.

Item 9.01    Financial Statements and Exhibits The following exhibit is being filed herewith:

(99.1)    News Release of A. O. Smith Corporation, dated January 29, 2026 104    Cover Page Interactive Data File (embedded with the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

A. O. SMITH CORPORATION

Date: January 29, 2026 By:/s/James F. Stern James F. Stern Executive Vice President, Corporate Development, Strategy and Secretary